Irish Residential Properties REIT plc announced that it has entered into a new revolving and accordion credit facility of up to 250 million, which can be extended to 350 million subject to certain terms and conditions (the "New Revolving Credit Facility"). The New Revolving Credit Facility, which has a five year term, replaces the existing 60 million revolving credit facility (the "Previous Revolving Credit Facility") which was due to mature in August 2016. It has a reduced margin compared to the Previous Revolving Credit Facility.
The New Revolving Credit Facility is secured by a floating charge over the assets of the Company and its subsidiaries. Barclays Bank Ireland plc acted as Facility Co-ordinator whilst Barclays Bank Ireland Plc and Ulster Bank Ireland Limited were Joint Arrangers. Of the 250 million facility, Barclays Bank Ireland are lending 162.5 million and Ulster Bank Ireland Limited 87.5 million.